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(IT-NEWSWIRE.COM, November 09, 2018 ) According to new market research report "Data Discovery Market by Type (Software and Service), Service (Professional and Managed) Application (Risk Management, Sales & Marketing Optimization, and Cost Optimization), Deployment, Organization Size, Vertical, and Region - Global Forecast to 2021", The Data Discovery Market size is estimated to grow from USD 4.33 Billion in 2016 to USD 10.66 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period. The key forces driving the data discovery market include rising importance of insights generation from multi-structured data. rnhttps://www.marketsandmarkets.com/Market-Reports/data-discovery-market-132252132.html

Managed services in the service segment is expected to grow at the highest CAGR during the forecast period

Among services, the managed service segment is expected to grow at a fast pace during the forecast period. The demand for consulting services is witnessing the exponential growth, mainly because almost every technological domain requires well-delivered managed services. The services being offered must fit perfectly into the client’s environment. Technical expertise, service consistency, and flexibility must be provided by the vendors, regardless of the geographical location of the client. Managed services are considered crucial, as they are directly related to customer experience. These services help them sustain their positions in the market. Moreover, it has become difficult for companies to focus on core business processes and support various other functions, in turn increasing the significance of managed services.

Data discovery software segment by type is expected to contribute the largest market share in 2016

Among types, the data discovery software segment is expected to hold the largest market share in the data discovery market in 2016. Data discovery software ensures that the data fits a particular user- specific task and is accurate & timely. Data discovery software consists of software applications or platforms which can be used to implement data discovery solutions. The data discovery vendors also provide standalone software, which is a complete solution for analyzing and acting on real-time business events. The software filters the aggregated and enriched data, so that it can be analyzed to provide a high throughput from multiple input data sources. Based on the data analyzed, organizations could generate business related insights and plan the next steps accordingly, as soon as the data arrives.

North America is expected to contribute the largest market share, Asia-Pacific (APAC) to grow the fastest

North America is expected to hold the largest market share and dominate the data discovery market from 2016 to 2021, owing to large investments in cloud-based solutions, early adoption of new & emerging technologies, and a large number of players present in this region. The APAC region is in the initial growth phase; however, it is expected to be the fastest growing region for the global data discovery market. The key reason for the high growth rate in APAC is the growing demand for cost-effective data discovery platforms and tools among Small & Medium Enterprises (SMEs) in this region.